Snap IPO Is Officially Largest In U.S. Since 2014

Snap Inc. confirmed an earlier report Wednesday, pricing shares in its initial public offering at $17 for the largest U.S.-listed IPO since Alibaba Group Holdings Ltd. in 2014. The parent company of the popular Snapchat mobile app said it would sell 200 million shares for a total take of $3.4 billion, with about $2.5 billion going to the company and the rest to early investors and executives who sold shares. Snap receives an initial market capitalization of $19.7 billion, though that valuation jumps to roughly $24 billion when counting unvested shares and other potential dilution. Snap shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.